Dominium — affordable housing owner, developer and manager — recently celebrated breaking ground on its new affordable housing development, Vista Ridge Apartments in Phoenix.
The ground breaking event featured a golden shovel ceremony and a short presentation. Speakers included Arizona Department of Housing Deputy Director Cindy Stotler, Vice Mayor of Phoenix Carlos Garcia, Dominium Senior Vice President/Partner Mark Moorhouse, and Vice President/Project Partner Owen Metz.
Stotler spoke on the importance of public-private partnerships to help solve Arizona’s affordable housing crisis, according to a press release.
Garcia praised the high-quality of Dominium apartments and spoke about the importance of maintaining long-term affordability in Phoenix as the 308-unit development at 2050 W. Southern Ave., is Dominium’s second new apartment community in Arizona.
“The need for both workforce and senior affordable housing across the Valley cannot be exaggerated,” said Metz in the release.
“While the challenge is great, our team here in Phoenix is motivated to help bring attainable housing to the market. We like challenges and helping solve the housing crisis in the Phoenix metro is a challenge that we want to take on.”
Featuring one- through three-bedroom apartments in 12 three-story buildings, the new complex is expected to open Spring 2023, the release detailed.
Vista Ridge will include eco-friendly amenities including a community garden and solar energy, said to offset nearly 50% of the buildings’ energy consumption; provide high-quality affordable family housing to those earning no more than 60% of the area median income.
Financing for Vista Ridge was made possible with a Freddie Mac Tax Exempt Loan serviced by KeyBank, a tax-exempt construction loan and taxable equity bridge loan originated and serviced by KeyBank, and an equity investment in the 4% federal tax credits from Alliant Capital.
The community was also made possible from the Arizona Department of Housing for the allocation of the federal low-income housing tax credits and the Arizona Industrial Development Authority for issuing federal Private Activity Bonds, noted the release.